7/10/23

The title of Friday's video was "rangebound til 28.7k or 32k breaks" and as you all know, neither one has yet broken. We are still mired in endless sideways chop.

If I dare attempt to assign any sort of meaning to this chop, it does make sense that we might be entering wave C of Y of 4 now which should end up fulfilling my expectation I shared on Friday that BTC was likely headed down to break 29.5k. So short term I do lean bearish to at least getting low 29ks again (nothing would surprise me though, and chopping up to 32k would be par for the course as well). Assuming breaking 29.5k is what it does, the bulls will need to fight for their lives to keep BTC above 28,750. As I've mentioned over and over again, that's really the level BTC needs to stay above in order to keep the bullish chances alive and well in the mid-term.

If bears can break below 28,750 on a sustained basis it's likely to continue bearish to at least sub 25k levels (there are more bearish scenarios that are quite possible as well)

If bulls can defend 28,750 and hit 32k minimum, then the next pullback after that should probably be a decent long opportunity for a move up to 40-50k region next.

In the meantime, avoid getting seasick in this chop by leaving the charts for a while, go outside and get some fresh air you degenerates.

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